Goldman Sachs, Edelweiss Life Insurance among marquee investors
MUMBAI, Oct 14 (The CONNECT) – Quartz processor Midwest Limited, India’s largest producer of Black Galaxy and Absolute Black granite, has garnered Rs 135 crore from anchor investors ahead of its initial public offering (IPO) that opens tomorrow.
The company informed the bourses that it allocated equity shares at Rs 1,065 per share to anchor investors.
Some of the marquee institutions that participated in the anchor include Goldman Sachs Funds – Goldman Sachs India Equity Portfolio and Edelweiss Life Insurance Company.
Among other equity-oriented schemes, the company has allocated shares to Axis Mutual Fund Trustee – Axis Mutual Fund Small Cap Fund, Sun Life Aditya Birla India Fund, Kotak Mahindra Trustee – Kotak Consumption Fund, Edelweiss Trusteeship – Edelweiss Recently Listed IPO Fund, ITI Muti Cap Fund, Svadha India Emerging Opportunities Scheme 1.
Out of the total allocation of 12, 67, 605 equity shares to the anchor investors, 6,10,330 were allocated to domestic mutual funds through schemes.
IPO Details
The IPO is a fresh issue for Rs 250 crore and an offer-for-sale for Rs 201 crore.
The issue with a price band of price band of Rs 1,014–Rs1,065 per share, will be open for subscriptions till Friday, October 17, 2025. The IPO will fetch Rs 451 crore at the upper end of the price band.
Midwest is in the business of exploration, mining, processing, marketing, distribution and export of natural stones, with an emphasis on sustainability. They are one of India’s largest producers and exporters of Black Galaxy Granite.
The company has diversified into Quartz processing, with operational phase 1 at 303,000 mtpa, catering to heavy mineral sand extraction (yielding titanium feedstock materials such as rutile and ilmenite) and the processing of rare earth elements.
